Adani vs Hindenburg Row: The Bloomberg Billionaires Index shows that Gautam Adani is now in the 11th slot with a total wealth of $84.4 billion
The Adani vs Hindenburg row has not just affected the Adani Group holdings in many ways but now also billionaire Gautam Adani’s wealth status. As per a report, having lost $36 billion of his wealth after the Hindenburg Research rout, Gautam Adani has now lost his place the elite club of world’s 10 richest billionaires.
Bloomberg Billionaires Index shows that Gautam Adani is now the 11th richest in the world with a total wealth of $84.4 billion. The reason being attributed to this loss of wealth is due to sharp drop in Adani Group shares after the Hindenburg Research report alleged fraud by the Adani Group.
Adani Group shares were the biggest wealth creator in the word in 2022 with a gain of $40 billion. He however, remains the richest Indian followed by Reliance Industries chairman Mukesh Ambani who is at the 12th spot on the Bloomberg Billionaire's index.
Ever since the Hindenburg report came out Adani Group has lost $65 billion in market value.
Hindenburg in its report said Adani companies had "substantial debt" and that shares in seven Adani listed companies have an 85 per cent downside due to what it called "sky-high valuations".
Adani's response stated that over the past decade, its group companies have "consistently de-levered".
Meanwhile, Adani Enterprises share sale via follow-on public offer witnessed subdued demand for shares as the issue subscribed just 3 per cent by the end of second day.